US Airways flies into red on surge in fuel costs

US Airways said it swung to a huge second-quarter loss as it struggled to deal with a spike in fuel costs. The airline lost $567 million, or $6.16 per share, vs. a profit of $263 million, or $2.77, a year ago. Excluding special charges that included a $640 million noncash impairment charge related to the write-down of goodwill and spare parts, US Airways said it would have lost $101 million, or $1.11 per share. Analysts had expected a loss of $1.30 a share. Revenue rose 3 percent to $3.26 billion.

Wabtec shares climb on record earnings, sales

Wabtec Corp. reported record earnings per share and sales for the second quarter and increased its earnings forecast for the full year. The Wilmerding-based company posted net income of $33.8 million, or 69 cents per diluted share, vs. $28.1 million, or 57 cents, a year ago. The consensus Wall Street estimate for the most recent quarter was 65 cents a share. Revenue rose 20 percent to $390.2 million. Wabtec also raised its full-year earnings guidance to $2.65 a share, up 10 cents a share from its previous forecast. Shares closed at $58.18, up 8.9 percent, or $4.78.

Other earnings

Yahoo Inc.'s second-quarter profit fell 18 percent, the latest sign of the financial decay that has frustrated shareholders and raised doubts about the Internet company's future. The company earned $131 million, or 9 cents per share, vs. $161 million, or 11 cents, a year ago. Analysts had forecast earnings of 11 cents per share in the most recent quarter. Revenue rose 6 percent to $1.8 billion.

F.N.B. Corp., Hermitage, Mercer County, reported second-quarter net income of $14.5 million, or 17 cents per diluted share, vs. $17.6 million, or 29 cents, a year ago. Results for the second quarter include charges of $11.9 million, or 9 cents a share, for loan losses, merger costs related to the acquisition of Omega Financial Corp., and costs related to the retirement of an executive.

SuperValu Inc. cut its 2009 profit guidance, citing a slowdown in consumer spending and soaring energy costs, even as it said profit rose 9 percent in its fiscal first quarter. Net income rose to $162 million, or 76 cents per share, up from $148 million, or 69 cents, a year ago. Analysts polled by Thomson Financial had expected earnings of 76 cents per share. Sales rose slightly to $13.35 billion from $13.29 billion. SuperValu supplies groceries to Shop 'n Save and Foodland stores.

Norfolk Southern Corp. said second-quarter net income rose 15 percent to $453 million, or $1.18 per share, up from $394 million, or 98 cents, a year ago. Analysts surveyed by Thomson Financial expected profit of $1.05 per share. Revenue rose 16 percent to $2.77 billion.

Fifth Third Bancorp reported a second-quarter net loss of $202 million, or 37 cents a share, vs. net income of $376 million, or 69 cents, a year ago. Excluding charges related to leveraged leases, the Cincinnati-based financial services company, which has 10 branches in the Pittsburgh area, earned 5 cents a share. Wall Street analysts had expected the company to break even in the quarter.

Also in business ...

The average price of a gallon of regular unleaded gasoline fell 2.6 cents this week to $3.994, AAA East Central reported.